Russian President Vladimir Putin happens to be among the supporters of cryptocurrency technologies. According to his words, Russia cannot lose the race in which countries endorse blockchain, mining, and cryptos on the whole. Therefore, Russia needs them, the country’s leader said.

Putin to compete with the most blockchain-friendly nations?

At a recent
meeting
with Vladimir Putin, the head of Russia’s largest lender Sberbank Herman Gref pointed at how crucial it is not to rush to ban the crypto production and relevant technologies. As he said, this may cause an outflow of miners and other crypto specialists. Notwithstanding the above, Gref emphasized, the regulation needs to be set.

Taking the floor after Gref, Putin spoke about the significance of not lagging behind in the crypto race. Although Russian president did not literally mention blockchain, he stressed that Russia needs this industry. But before that, he brought to the question the issue of why Russians should be in need of it.

Putin
said that Russia already possesses everything that it needs, including gas, oil, ores, and diamonds. After that, he went on saying that the technological sphere of Russia has been developing quite well and also that the country has a good intellectual foundation.

But in Putin’s words, the country still needs a “leap.” And this leap could be crypto tech trends.

“The Stone Age did not end due to the lack of stones, but because new technologies appeared,” said Putin.

In Russian leader’s opinion, those nations which endorse novel technologies late, “will very quickly fall under the dependence of the leaders of this development.” Hence, Russia cannot stay idle by when other countries adopt these technologies, said Putin without mentioning which technologies in particular.